Thursday, August 12, 2010

YSR demanded 500 Cr & YS Jagan has beaten me - Satyam Ramalinga Raju

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YS Jagan , an extortionist .

The mastermind behind the biggest corporate crime ever - Ramalinga Raju - confessed to the investigating cops that he had made the startling revelations out of fear of none other than Kadapa MP YS Jaganmohan Reddy.

The multi-crore Satyam Computers fraud might not have seen the light of the day, had the former chief minister YS Rajasekhar Reddy's son and Kadapa MP YS Jaganmohan Reddy not roughed up Ramalinga Raju few months before the 2009 elections.

This was disclosed by none other than Raju himself to his interrogators three days after he was taken into custody for questioning. One of the officers who was part of the team that interrogated him told Hyderabad Journal that Raju did not cooperate with them initially.

Fed up with his non-cooperation, the investigators played a trick to make him cooperate. The investigators deliberately allowed Raju to overhear their plan to arrest Raju's wife and sons. It was then Raju broke down and cried like a child because he has a lot of affection for his kids and would not even dream of a slight trouble for them, the officer said.

The first thing Raju disclosed was about how he landed in trouble. He had told the interrogators that he was blinded by his love for his kids and walked into the trap of YS Rajasekhar Reddy and his son Jaganmohan Reddy.

He told his interrogators that YS Rajasekhar Reddy demanded Rs 500 crore in cash for the 2009 elections. It was a time when everyone was reeling under economic recession and liquid cash that too in black was not available at all. "I expressed helplessness and offered to give some assets but the chief minister insisted that I cough up the cash. He also told me that his son Jagan will talk to me in this regard," Raju told his interrogators.

"Jagan stepped in and called me for a meeting to discuss the issue. Few others were present when the meeting took place. When I made it clear that I could not arrange the cash, Jagan roughed me up and threatened with dire consequences. It humiliated me like anything and I wept for two days. Then I thought about the legal and physical consequences if I failed to pay the money. I had no other option but to announce the financial crisis in Satyam and face the law of the land to save my own life and that of my family", Raju told his interrogators.

Raju announced the biggest ever Indian corporate fraud on January 7, 2009 in a letter addressed to the board members and the Securities and Exchange Board of India (SEBI), while the elections for Andhra Pradesh Legislative Assembly were held in April 2009.

YSR and his family were in the thick of controversies during his tenure. The leader of the opposition, Chandrababu Naidu, accused him of amassing huge wealth through companies like Sandur Power Company, Jagathi Publications, and Bharathi Cement Corporation, which were owned by his family members.

As the allegations gained momentum and featured in the assembly, YSR accepted holding Government and forest lands and returned 614 acres at Idupulapaya estate in Vempalli mandal to the government. Still, media reports said he could be tried under AP Land Reforms (Ceiling on Agricultural Holdings) Act, 1973 & Rules, 1974, AP Assigned Lands (Prohibition of Transfers) Act, 1977 and AP Forest Act, 1967.(Ref: http://timesofindia.indiatimes.com/articleshow/808974.cms)

Almost all opposition parties and the media alleged his family’s involvement in the multi-crore ‘Satyam’ scam. He was blamed for the government’s granting of huge contracts to ‘Maytas’ of the Satyam group. He was severely attacked in and out of the assembly for his ‘specific’ assaults on Ramoji Rao and his companies.(Ref: http://www.andhravilas.com/movienews.asp?id=79193&curPage=17 andhttp://www.thehoot.org/web/home/story.php?storyid=3157&pg=1&mod=1&sectio...).

During his tenure, Thirumala Thirupathi Devasthanam was always in the news for all the wrong reasons, from appointment of Chairman (once his own step-brother and another time a liquor baron), to mismanagement, to lack of transparency, to abuse of power, to shortages of jewels and gold coins, to sacrilege of Thirumala by evangelical activities and ant-social elements. The total abuse of TTD was attributed only to YSR and just some days ago Dr. Chandrababu Naidu demanded dissolution of the TTD Board.

The New Indian Express dated 4 September 2009 said, “Charges of massive corruption in irrigation projects and other big ventures dogged him throughout his first innings, so much so that he was described as the chief fund raiser for the Congress at the national level.”(http://www.expressbuzz.com/edition/story.aspx?Title=He+was+the+rainmaker...).

State’s insecurity

YSR’s tenure blundered on security. Apart from the anti incumbency factor for TDP, YSR’s understanding with Maoist and PWG (Naxal) groups allegedly helped in his victory in the 2004 elections. As per the understanding, he stopped the anti-Naxal operations in the name of ‘peace-talks’ and allowed them to regroup and roam the state freely with arms and ammunition. The Naxal and PWG utilized this huge opportunity to establish contacts with Maoists in other states and Nepal.

As a result, the Red corridor spread to over 15 states across India, from Nepal to Andhra Pradesh. The unholy nexus extended to LTTE cadres and Jihadis, resulting in smuggling of different kinds of arms and ammunition, including rocket launchers, and parts for making bombs, etc. The huge cache of arms and ammunitions captured by Tamil Nadu police during their regular arrests of LTTE cadres established the Naxal-LTTE nexus.

His tenure also witnessed two huge bomb blasts in Mecca Masjid and Lumbini Park areas, resulting in immense loss of life and property. So far investigations have not yielded any results. The state still reels under the Naxal menace! The general law and order situation is not up to the mark, as evidenced by regular occurrences of political murders.

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